It is so predictable.
It really pisses me off that not only do the CFTC regulators look the other way and absolutely refuse to stop this collusion- but that bankers like JP Morgan get free money via the Fed's
So I stumbled onto this piece on TF Metals site. It is a must read- especially for Idaho boys and girls.
It seems that Boise's favorite son and potato magnate, JR Simplot, was driving the price of Maine potatoes down back in 1976. He was shorting the market. When JR couldn't deliver the underlying commodity- the exchange simply eliminated the market altogether. I found this to be a fantastic story. Not only did the market bail Simplot out, but as many of us know, Simplot won the contract to provide the french fries for the entire McDonald's chain. If memory serves me correct- all of that occurred at about the same time. So I guess not everyone winds up like the Hunt brothers.
Seems JR didn't like that potato competition. Like today's banks. http://www.tfmetalsreport.com/blog/4348/simplot-scenario-silver
Idaho's current Governor, Butch Otter, was JR's son in law. JR let him run the Simplot company up until Butch dumped his daughter. That kind of changed things a shade, but Butch had already made his fortune when JR bounced him out. Funny how that shit works. I drive by JR's grave on Latah St. just about every day. Kinda weird. http://en.wikipedia.org/wiki/J._R._Simplot
Tomorrow morning, I am headed for Reno and then Tonopah for a couple of days. I don't know what kind of connectivity I will have and I might just take a couple of days off. (or not) I'll be back this weekend.